President's Deficit Plan Casts a Wide Net for Revenue

By

Damian Paletta

Updated Nov. 14, 2012 7:43 p.m. ET

WASHINGTON—President Barack Obama's proposal to reduce the deficit by $1.561 trillion over the next decade includes more than 70 changes in the tax code that would affect everyone from high-income Americans to options traders, as well as oil and gas companies, and even some golf courses.

The White House says the changes are necessary to eliminate special preferences in the tax code and raise funds to reduce the deficit....